Egypt's FM discusses with European Investment Bank's president boosting inflows to energy, green transition sectors

CAIRO – 20 June 2022: Minister of Foreign Affairs Sameh Shokry met Monday with President of the European Investment Bank Werner Hoyer within his visit to Luxembourg, given that Egypt is the largest non-European partner of the financial institution.

The minister stressed the necessity of "building upon the existing successful cooperation" between Egypt and the bank by expanding work in the sectors of energy and green transition, as indicated in the ministry's press statement.

On that front, Minister Shokry noted that Egypt's endeavors to become a regional energy hub are not limited to natural gas. Yet, the country equally offers investment opportunities in the fields of green hydrogen and electricity.

In the framework of being the president designate of COP 27, the Egyptian minister underlined the salience of raising the size of funds provided by the European Investment Bank to developing countries, assisting them to better achieve mitigation and adaptation in face of climate change adversities.

Shokry and Hoyer also presented their visions on the global food crisis incurred by the Russia-Ukraine War, whereas the former stipulated the importance of boosting support to Egypt to overcome such challenge.

Minister Shokry headed Sunday to Luxembourg to co-chair - with High Representative of the European Union for Foreign Affairs and Security Policy Josep Borell - the ninth session of the EU-Egypt Association Council. 

During that meeting, Egypt and the European Union endorsed Sunday evening the Partnership Priorities Document for 2021-2027, which is a map of institutional cooperation in various sectors, including agriculture, irrigation, manufacturing, artificial intelligence, green transition, digitalization, and smart transport.

The minister has been also scheduled to meet with European counterparts, on the sidelines of the EU's Foreign Affairs Council (FAC) meeting, to hold consultations on matters of mutual interest, with climate being on top of those.

Shokry's visit to Luxembourg comes a few days after the one held by President of the EU Commission Ursula von der Leyen to Cairo, whereas she attended the signing of an agreement with Egypt and Israel on natural gas export.